CODA Markets Integration

October 23, 2017

InfoReach Now Offers Block Execution via CODA Markets

Customers of InfoReach have a new outlet to source liquidity for block trades: CODA Markets’ CODA Block. InfoReach makes it easy for customers to route to CODA Block utilizing existing executing broker relationships and order entry tickets.

Doing so will provide InfoReach’s customers with access to a unique venue. At CODA Markets, orders are paused so that liquidity can be aggregated around the order, instead of relying on routers to chase displayed liquidity.

“Through this partnership, clients will continue to benefit from InfoReach’s high-performance EMS and OMS solutions. With the added power of CODA’s on-demand auctions, including our newest auction innovation of CODA Block, InfoReach made sure their platform was one of the first to offer both order entry and auction alert functionality. Now InfoReach clientele can seamlessly receive symbol-only IOIs and take part in auction opportunities through algo tickets with their existing broker relationships.”

Notably, CODA Block:

Unlocks Latent Liquidity: Instead of relying on displayed liquidity to tell institutional traders where they might get 100 shares executed, CODA Block aggregates trades from both inside and outside of the NBBO. This provides a more complete and accurate price discovery experience for institutional traders.

Neutralizes Speed: CODA Block’s on-demand auctions have a duration of 30 seconds, allowing orders to compete on price and quantity – not speed.

Uniquely Protects Order Information: When alerting subscribers to an auction, CODA Block provides a symbol-only Auction Alert that masks the side, size and price of the trade from any respondent.

Creates a Multi-Lateral Event: Each auction summons aggregated liquidity to your order. This can come from any number of participants on either or both sides, inhibiting dramatically the ability to reverse-engineer the results.

“Successfully navigating global markets today requires a system that prioritizes efficiency, functionality and flexibility,” said Nick Halvorsen, director of operations at InfoReach. “Critical to that is providing access to venues like CODA Block, an innovation that offers institutional traders a unique way to source latent and block liquidity.